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BEIJING, Oct. 25 (Xinhua) — China saw 48,921 newly established foreign-invested firms in the first three quarters of 2025, a year-on-year increase of 16.2 percent, according to data released Saturday by the Ministry of Commerce.

During the same period, the actual foreign direct investment (FDI) inflow totaled 573.75 billion yuan (80.89 billion U.S. dollars), down 10.4 percent year on year. However, FDI in September alone rose 11.2 percent year on year, the data showed.

By sector, manufacturing attracted 150.09 billion yuan in actual FDI during the period, while the services sector drew 410.93 billion yuan.

Notably, investment from Japan, the United Arab Emirates, the UK and Switzerland surged by 55.5 percent, 48.7 percent, 21.1 percent, and 19.7 percent year on year, respectively, during the same period, the data showed.  ■

• Vera Therapeutics announced that its ORIGIN Phase 3 trial of atacicept for IgA nephropathy met its primary endpoint, showing statistically significant and clinically meaningful reductions in proteinuria and a safety profile comparable to placebo, with results presented at ASN Kidney Week 2025.

• Atacicept has also received FDA Breakthrough Therapy Designation, underlining its potential as an innovative treatment for autoimmune kidney diseases.

• We’ll explore what the positive ORIGIN Phase 3 data and Breakthrough Therapy Designation mean for Vera Therapeutics’ investment narrative.

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For shareholders, the core belief revolves around Vera Therapeutics’ ability to successfully bring atacicept to market as an innovative therapy for IgA nephropathy, potentially transforming its clinical and financial trajectory. The recent announcement that the ORIGIN Phase 3 trial met its primary endpoint and achieved a robust reduction in proteinuria, coupled with Breakthrough Therapy Designation, serves as a significant validation of the company’s clinical direction. Previously, the main short-term catalyst centered on regulatory data disclosures and regulatory progress for atacicept. With the latest data now in the spotlight at ASN Kidney Week 2025, the path toward regulatory submission and possible approval is clearer, elevating expectations around these near-term milestones. However, the company’s lack of revenue and ongoing quarterly losses remain major risks, as does future dilution from recent and potential equity offerings. Market interest may increase given the new efficacy data, but execution risk and financing needs persist for Vera despite the promising clinical results.

Otherwise, investors should not overlook the risk of continued operating losses and share dilution. Despite retreating, Vera Therapeutics’ shares might still be trading above their fair value and there could be some more downside. Discover how much.

Across the Simply Wall St Community, fair value estimates for Vera Therapeutics vary widely, spanning from US$72.29 to a very large US$722.93 based on five distinct analyses. While opinions differ on valuation, the company’s breakthrough trial results could shift these perspectives further given the heightened focus on near-term regulatory approval and continued funding requirements. Explore these broader viewpoints to better understand how varying investor expectations shape Vera’s share performance.

Explore 5 other fair value estimates on Vera Therapeutics – why the stock might be a potential multi-bagger!

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include VERA.

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